US industrial production is expected to increase 0.1% in tomorrow’s June report vs. the previous month, according to The Capital Spectator’s average point forecast for several econometric estimates. The average prediction represents a mild rebound after May’s 0.2% decline.
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Retail sales slumped in June, falling 0.3% vs. the previous month, the US Census Bureau reports. The decline was well below Econoday.com’s consensus forecast for a 0.3% rise. The disappointing report is a reminder that the economic rebound is having a tough time gaining traction after the first-quarter GDP decline.
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Grexit risk has been shelved, the West has reached a nuclear deal with Iran, China’s stock market has bounced back, and US economic growth in Q2 is on track to post a decent if unspectacular growth rate of 2%-plus. Put it all together and the case is looking stronger for a September rate hike by the Federal Reserve.
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● Western powers reach a nuclear deal with Iran…
● And the news has taken a toll on oil prices…
● Meanwhile, US GDP growth in Q2 is on track for 2%-plus…
● And so a Fed rate hike is drawing near…
● As global business confidence falls to 6-year low.